Announcement • Oct 27
Motion For Case Conversion Approved for ViewRay, Inc. The US Bankruptcy Court gave an order granting the conversion of Chapter 11 reorganization of ViewRay, Inc. to liquidation under Chapter 7 on October 26, 2023. The debtor was facing losses in the business. Announcement • Sep 08
Nasdaq To Delist the Common Stock of ViewRay Nasdaq announced that it will delist the common stock of ViewRay, Inc. ViewRay, Inc.’s securities were suspended on July 26, 2023, and have not traded on Nasdaq since that time. Announcement • Jul 27
ViewRay, Inc.(OTCPK:VRAY.Q) dropped from NASDAQ Composite Index ViewRay, Inc. has been dropped from Nasdaq Composite Index. Announcement • Jul 24
ViewRay Announces Commencement of Nasdaq Delisting Proceedings ViewRay, Inc. announced that on July 17, 2023 it received a letter from the Listing Qualifications Department of the Nasdaq Stock Market LLC (‘Nasdaq’). Nasdaq has determined that due to the Company’s voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code, and concerns about the Company’s ability to sustain compliance with the $1.00 per share minimum bid price requirement for continued inclusion on Nasdaq based on Listing Rule 5450(a)(1), the Company’s securities will be delisted from the Nasdaq Stock Market. The Company does not intend to appeal Nasdaq’s determination. Trading of the company’s common stock will be suspended at the opening of business on July 26, 2023, and a Form 25-NSE will be filed with the Securities and Exchange Commission (‘SEC’), which will remove the Company’s securities from listing and registration on The Nasdaq Stock Market. Once the delisting from Nasdaq takes effect, the Company’s common stock is expected to begin trading on the over-the counter (‘OTC’) markets. On the OTC market, shares of the Company’s common stock, which previously traded on Nasdaq under the symbol ‘VRAY’, are expected to trade under the symbol ‘VRAYQ’. The transition to the OTC markets will not affect the Company’s intention to continue to operate in the normal course while in chapter 11. The Company will remain subject to the public reporting requirements of the SEC following the transfer. Announcement • Jul 23
ViewRay, Inc. Announces the Resignation of Sai Nanduri as Observer to the Board ViewRay, Inc. announced that on July 19, 2023, Mr. Sai Nanduri, a Senior Investment Analyst employed by Hudson Executive Capital LP, informed the Board of Directors of the Company that Mr. Nanduri was resigning from his position as an observer to the Board, effective immediately. Announcement • Jul 10
Viewray, Inc. Announces Resignation of Susan Schnabel from Board of Directors On July 1, 2023, Susan Schnabel advised the Board of Directors (the “Board”) of ViewRay, Inc. (the “Company”) of her resignation from the Board, effective immediately. Ms. Schnabel’s resignation from the Board did not result from a disagreement with the Company or any of its officers or other directors on any matters relating to the operations, policies or practices of the Company. Announcement • Jul 03
ViewRay Receives Written Notice from the Listing Qualifications Staff of the Nasdaq Stock Market On June 26, 2023, ViewRay, Inc. received written notice from the Listing Qualifications Staff of The Nasdaq Stock Market LLC notifying the Company that it is not in compliance with the minimum bid price requirements set in Nasdaq Listing Rule 5450(a)(1) for continued listing on The Nasdaq Global Market. Nasdaq Listing Rule 5450(a)(1) requires listed securities maintain a minimum closing bid price of $1.00 per share, and Listing Rule 5810(c)(3)(A) provides that a failure to meet the minimum closing bid price requirement exists if the deficiency continues for a period of 30 consecutive business days. Based on the closing bid price of the Company’s common stock for the 30 consecutive business days prior to the date of the Notification Letter, the Company does not currently meet the minimum closing bid price requirement. The Notification Letter does not impact the Company’s listing on The Nasdaq Global Market at this time. The Notification Letter states that the Company has an automatic period of 180 calendar days to regain compliance with Nasdaq Listing Rule 5450(a)(1). To regain compliance, the closing bid price of the Company’s common stock must be at least $1.00 per share for a minimum of 10 consecutive business days at any time prior to the expiration of the 180 calendar day period. If the Company does not achieve compliance with the minimum closing bid price requirement during the initial 180 calendar day period, the Company may be eligible for an additional 180 calendar day period if it applies to transfer the listing of the common stock to the Nasdaq Capital Market. To qualify, the Company must meet the continued listing requirement for the applicable market value of publicly held shares requirement and all other applicable initial listing standards for the Nasdaq Capital Market (except for the minimum bid price requirement) based on the Company’s most recent public filings and market information and provide written notice of its intention to cure the minimum bid price deficiency. If Nasdaq determines that the Company will not be able to cure the deficiency, or if the Company is otherwise not eligible for such additional compliance period, Nasdaq will provide notice that the Company’s common stock will be subject to delisting. The Company intends to actively monitor the closing bid price of its common stock and will consider all available options to regain compliance with the listing requirements. The Company is committed to regaining compliance with the minimum closing bid price requirement prior to the expiration of all applicable compliance periods. Reported Earnings • May 12
First quarter 2023 earnings: Revenues and EPS in line with analyst expectations First quarter 2023 results: US$0.16 loss per share (further deteriorated from US$0.14 loss in 1Q 2022). Revenue: US$22.5m (up 19% from 1Q 2022). Net loss: US$28.9m (loss widened 12% from 1Q 2022). Revenue is forecast to grow 31% p.a. on average during the next 3 years, compared to a 8.3% growth forecast for the Medical Equipment industry in the US. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has fallen by 32% per year, which means it is significantly lagging earnings. Major Estimate Revision • May 12
Consensus revenue estimates decrease by 16% The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast fell from US$108.0m to US$90.8m. EPS estimate unchanged from -US$0.58 per share at last update. Medical Equipment industry in the US expected to see average net income growth of 18% next year. Consensus price target of US$1.95 unchanged from last update. Share price fell 20% to US$0.83 over the past week. Announcement • May 10
ViewRay, Inc. to Report Q1, 2023 Results on May 10, 2023 ViewRay, Inc. announced that they will report Q1, 2023 results After-Market on May 10, 2023 Major Estimate Revision • Apr 14
Consensus revenue estimates decrease by 12%, EPS upgraded The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast fell from US$135.8m to US$119.8m. EPS estimate increased from -US$0.602 to -US$0.585 per share. Medical Equipment industry in the US expected to see average net income growth of 14% next year. Consensus price target down from US$7.00 to US$5.83. Share price fell 59% to US$1.30 over the past week. Reported Earnings • Mar 01
Full year 2022 earnings: EPS exceeds analyst expectations Full year 2022 results: US$0.59 loss per share (improved from US$0.67 loss in FY 2021). Revenue: US$102.2m (up 46% from FY 2021). Net loss: US$107.3m (loss narrowed 2.5% from FY 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 1.7%. Revenue is forecast to grow 25% p.a. on average during the next 3 years, compared to a 7.5% growth forecast for the Medical Equipment industry in the US. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Announcement • Feb 01
ViewRay, Inc. to Report Q4, 2022 Results on Feb 27, 2023 ViewRay, Inc. announced that they will report Q4, 2022 results After-Market on Feb 27, 2023 Announcement • Jan 22
ViewRay, Inc. Appoints Sai Nanduri as an Observer of the Board of Directors ViewRay, Inc. announced that it has reached an agreement with Hudson Executive Capital LP to appoint Sai Nanduri, Senior Investment Analyst and representative of HEC, as an observer of the ViewRay Board of Directors, effective as of January 20, 2023. The Company has also agreed that the Board will appoint Mr. Nanduri to fill any vacancy on the Board arising during the term of the agreement. Announcement • Jan 13
ViewRay, Inc. Announces Findings from the Phase III Randomized Controlled Mirage Trial ViewRay, Inc. announced that findings from the phase III randomized controlled MIRAGE trial (NCT04384770) were published on January 12 in JAMA Oncology. The MIRAGE trial compared MRI-guided and CT-guided stereotactic body radiation therapy (SBRT) for localized prostate cancer and found MRI-guided radiation therapy -- delivered with MRIdian -- to be superior in substantially reducing acute genitourinary (GU) and gastrointestinal (GI) toxicity. MRI-guided radiation was also associated with significantly better patient- reported quality of life metrics. The MIRAGE trial was led by Amar Kishan, M.D. (first author) and Michael L. Steinberg, M.D. (senior author) at the University of California, Los Angeles (UCLA). The study was independently designed, conducted, and analyzed exclusively by UCLA. In this trial, the investigator team randomized 156 patients to receive either MRI-guided SBRT or CT-guided SBRT. Acute grade >=2 GU toxicity rates were significantly lower with MRI guidance vs. CT guidance (24.4% in the MRI group vs. 43.4% in the CT group). Acute grade >=2 GI toxicity rates were also significantly lower with MRI guidance (0.0% in the MRI group vs. 10.5% in the CT group). On multivariate analysis, which controls for differences in the use of a rectal spacer, prostate size, and baseline urinary symptoms, the MRI-guided arm was associated with a 60% reduction in odds of grade >=2 GU toxicity. More notably, there were improvements in multiple patient-reported outcomes. Significantly more patients receiving CT- guided SBRT experienced large increases in urinary symptoms, as measured by a >15 points increase in International Prostate Symptom Score (IPSS) (6.8% in the MRI group vs. 19.4% in the CT group). Similarly, a significantly greater percentage of patients experienced a clinically notable decrease in bowel-related quality of life with CT-guided, as measured by the Expanded Prostate Cancer Index Composite-26 (EPIC-26) survey (25.0% in the MRI group vs. 50.0% in the CT group). Finally, though it is too early to conclude, as more than 2/3rds of men on the trial received hormonal therapy, exploratory analysis in men who did not receive hormonal therapy showed that patient-reported sexual-function scores (by EPIC-26) decreased more in men receiving CT-guided SBRT. To date, more than 27,000 patients have been treated with MRIdian. Currently, 56 MRIdian systems are installed at hospitals around the world where they are used to treat a wide variety of solid tumors and are the focus of numerous ongoing research efforts. MRIdian has been the subject of hundreds of peer-reviewed publications, scientific meeting abstracts, and presentations. Announcement • Jan 10
ViewRay, Inc. Announces CFO Changes Effective January 9, 2023, William P. “Bill” Burke has been appointed as Chief Financial Officer of ViewRay, Inc. He will succeed Zach Stassen in that capacity, who has stepped down after serving the company since April 2020. Mr. Burke will become a member of the company’s executive leadership team, reporting directly to Scott Drake, President and Chief Executive Officer and will lead all aspects of the company’s finance function including business planning and analysis, accounting, SEC reporting, internal audit, tax, treasury, and investor relations. Mr. Burke, 54, is a seasoned executive, who brings over 25 years of global financial and operational experience to ViewRay. He previously served as the Chief Financial Officer at Haemonetics, a global blood management solutions company, from August 2016 to April 2022 and stayed on in an advisory capacity through June 2022. From July 2014 to July 2016, Mr. Burke served as Chief Integration Officer and Vice President, Integration for Medtronic, plc, a global healthcare products company and was a member of its Executive Committee. In that role, he was responsible for ensuring the successful integration of Medtronic with Covidien plc, a global healthcare company, following its acquisition by Medtronic. Prior to joining Medtronic, Mr. Burke spent more than 20 years in finance and business development leadership roles at Covidien, including Chief Financial Officer for Covidien Europe based in Zurich, Vice President of Corporate Strategy and Portfolio Management and Vice President of Financial Planning and Analysis. Previously, he also held key positions within Tyco Healthcare, including the Financial Controller of Valleylab, Managing Director of the Covidien Group in Switzerland and International Controller. Since January 2022 Mr. Burke has served on the board of directors and as audit committee chair of MiroMatrix, a life sciences company and since July 2022, he has served on the board of directors and as audit committee chair of Axogen, a surgical solutions company. Mr. Burke began his career as an auditor with KPMG. He received a Bachelor of Science degree in Business Administration from Bryant College. Recent Insider Transactions • Dec 01
Insider recently bought US$117k worth of stock On the 28th of November, Susan Schnabel bought around 25k shares on-market at roughly US$4.70 per share. This transaction amounted to 33% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought US$1.6m more in shares than they have sold in the last 12 months. Reported Earnings • Aug 03
Second quarter 2022 earnings: EPS in line with analyst expectations despite revenue beat Second quarter 2022 results: US$0.15 loss per share (up from US$0.19 loss in 2Q 2021). Revenue: US$22.1m (up 47% from 2Q 2021). Net loss: US$27.6m (loss narrowed 11% from 2Q 2021). Revenue exceeded analyst estimates by 17%. Earnings per share (EPS) were mostly in line with analyst estimates. Over the next year, revenue is forecast to grow 46%, compared to a 6.5% growth forecast for the industry in the US. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has fallen by 19% per year, which means it is significantly lagging earnings. Major Estimate Revision • May 13
Consensus estimates of losses per share improve by 11% The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from US$94.7m to US$96.3m. EPS estimate increased from -US$0.66 per share to -US$0.59 per share. Medical Equipment industry in the US expected to see average net income growth of 15% next year. Consensus price target of US$7.43 unchanged from last update. Share price rose 20% to US$3.30 over the past week. Recent Insider Transactions • May 13
President recently bought US$400k worth of stock On the 11th of May, Scott Drake bought around 157k shares on-market at roughly US$2.55 per share. This was the largest purchase by an insider in the last 3 months. Scott has been a buyer over the last 12 months, purchasing a net total of US$900k worth in shares. Price Target Changed • May 09
Price target decreased to US$7.43 Down from US$8.38, the current price target is an average from 7 analysts. New target price is 207% above last closing price of US$2.42. Stock is down 53% over the past year. The company is forecast to post a net loss per share of US$0.57 next year compared to a net loss per share of US$0.67 last year. Reported Earnings • May 06
First quarter 2022 earnings: EPS and revenues exceed analyst expectations First quarter 2022 results: US$0.14 loss per share (up from US$0.17 loss in 1Q 2021). Revenue: US$18.9m (up 22% from 1Q 2021). Net loss: US$25.8m (loss narrowed 3.6% from 1Q 2021). Revenue exceeded analyst estimates by 21%. Earnings per share (EPS) also surpassed analyst estimates by 12%. Over the next year, revenue is forecast to grow 43%, compared to a 9.4% growth forecast for the industry in the US. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has fallen by 31% per year, which means it is significantly lagging earnings. Recent Insider Transactions • Mar 16
Insider recently bought US$96k worth of stock On the 11th of March, Susan Schnabel bought around 25k shares on-market at roughly US$3.85 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought US$909k more in shares than they have sold in the last 12 months. Reported Earnings • Feb 27
Full year 2021 earnings: EPS exceeds analyst expectations Full year 2021 results: US$0.67 loss per share (up from US$0.73 loss in FY 2020). Revenue: US$70.1m (up 23% from FY 2020). Net loss: US$110.0m (loss widened 2.0% from FY 2020). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 1.0%. Over the next year, revenue is forecast to grow 36%, compared to a 11% growth forecast for the industry in the US. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has fallen by 21% per year, which means it is significantly lagging earnings. Recent Insider Transactions • Nov 20
Chief Financial Officer recently bought US$100k worth of stock On the 19th of November, Zachary Stassen bought around 18k shares on-market at roughly US$5.60 per share. In the last 3 months, they made an even bigger purchase worth US$213k. Zachary has been a buyer over the last 12 months, purchasing a net total of US$313k worth in shares. Reported Earnings • Nov 07
Third quarter 2021 earnings released: US$0.15 loss per share (vs US$0.19 loss in 3Q 2020) The company reported a solid third quarter result with reduced losses, improved revenues and improved control over expenses. Third quarter 2021 results: Revenue: US$19.2m (up 90% from 3Q 2020). Net loss: US$25.3m (loss narrowed 10% from 3Q 2020). Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions • Aug 26
Chief Financial Officer recently bought US$213k worth of stock On the 24th of August, Zachary Stassen bought around 40k shares on-market at roughly US$5.32 per share. This was the largest purchase by an insider in the last 3 months. This was Zachary's only on-market trade for the last 12 months. Price Target Changed • Aug 09
Price target increased to US$8.03 Up from US$7.41, the current price target is an average from 8 analysts. New target price is 31% above last closing price of US$6.15. Stock is up 74% over the past year. Reported Earnings • Aug 08
Second quarter 2021 earnings released: US$0.19 loss per share (vs US$0.18 loss in 2Q 2020) The company reported a soft second quarter result with increased losses and weaker control over costs, although revenues improved. Second quarter 2021 results: Revenue: US$15.0m (up 5.7% from 2Q 2020). Net loss: US$31.0m (loss widened 18% from 2Q 2020). Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. Price Target Changed • May 07
Price target increased to US$6.32 Up from US$5.88, the current price target is an average from 8 analysts. New target price is 16% above last closing price of US$5.44. Stock is up 204% over the past year. Executive Departure • Apr 02
Chief Operating Officer has left the company On the 31st of March, Shahriar Matin's tenure as Chief Operating Officer ended after 2.7 years in the role. As of December 2020, Shahriar personally held 434.19k shares (US$1.7m worth at the time). A total of 2 executives have left over the last 12 months. Reported Earnings • Mar 06
Full year 2020 earnings released: US$0.73 loss per share (vs US$1.18 loss in FY 2019) The company reported a soft full year result with weaker revenues and control over costs, although losses reduced. Full year 2020 results: Revenue: US$57.0m (down 35% from FY 2019). Net loss: US$107.9m (loss narrowed 10% from FY 2019). Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 20% per year, which means it is significantly lagging earnings. Analyst Estimate Surprise Post Earnings • Mar 06
Revenue beats expectations Revenue exceeded analyst estimates by 0.8%. Earnings per share (EPS) were mostly in line with analyst estimates. Over the next year, revenue is forecast to grow 26%, compared to a 21% growth forecast for the Medical Equipment industry in the US. Is New 90 Day High Low • Jan 05
New 90-day high: US$6.41 The company is up 103% from its price of US$3.15 on 06 October 2020. The American market is up 13% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Medical Equipment industry, which is up 9.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is per share. Price Target Changed • Dec 20
Price target raised to US$4.17 Up from US$3.83, the current price target is an average from 8 analysts. The new target price is close to the current share price of US$4.11. As of last close, the stock is down 7.5% over the past year. Is New 90 Day High Low • Dec 09
New 90-day high: US$3.97 The company is up 39% from its price of US$2.85 on 09 September 2020. The American market is up 14% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Medical Equipment industry, which is up 9.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is per share. Recent Insider Transactions • Nov 15
President recently bought US$500k worth of stock On the 10th of November, Scott Drake bought around 155k shares on-market at roughly US$3.23 per share. This was the largest purchase by an insider in the last 3 months. This was Scott's only on-market trade for the last 12 months. Is New 90 Day High Low • Nov 13
New 90-day high: US$3.60 The company is up 15% from its price of US$3.13 on 14 August 2020. The American market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Medical Equipment industry, which is up 8.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is per share. Analyst Estimate Surprise Post Earnings • Nov 08
Revenue and earnings beat expectations Revenue exceeded analyst estimates by 13%. Earnings per share (EPS) also surpassed analyst estimates by 9.2%. Over the next year, revenue is forecast to grow 30%, compared to a 16% growth forecast for the Medical Equipment industry in the US. Reported Earnings • Nov 08
Third quarter 2020 earnings released: US$0.19 loss per share The company reported a poor third quarter result with increased losses and weaker revenues and control over expenses. Third quarter 2020 results: Revenue: US$10.1m (down 52% from 3Q 2019). Net loss: US$28.1m (loss widened 35% from 3Q 2019). Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 31% per year, which means it is significantly lagging earnings.